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Former Telstra CEO David Thodey To Chair Tyro

Australia’s fifth largest EFTPOS provider Tyro will appoint former Telstra CEO David Thodey AO chairman ahead of an expected IPO, which could happen as soon as December.

Mr Thodey first joined the Tyro board last year as a non-executive director.

Next month he’ll take over as chairman from the departing Kerry Roxburgh.

Outgoing Tyro chairman Kerry Roxburgh

During Mr Thodey’s time as CEO of Telstra between 2009 and 2015, Tyro was a two-time consecutive finalist in the Telstra Business Awards in 2013 and 2014.

Tyro recently announced its FY19 results, reporting a 28 per cent revenue increase to $189.8 million.

An EBITDA loss of $8.6 million (an improvement from a $9 million loss the year before) was described by the outgoing Kerry Roxburgh as “in line with [Tyro’s] business plan” and “reflecting our continuing investment”.

It’s expected Tyro will soon move to list on the stock exchange following the appointment of Mr Thodey, who also chairs the CSIRO and is on the board of accounting software Xero, private health provider Ramsay Health Care, and Vodafone.

Tyro’s website claims it “connect[s] simply” with Xero, and Tyro also supports Medicare and private health fund claiming and rebating services.

In July the company said it would look to list on the ASX before the end of 2020, but not before November this year.

The Australian reported earlier this week that the company will head to the market before the end of the year after an investor information lunch at the Sydney office of investment bank JPMorgan on Tuesday.

The company, founded in 2003, processed more than $17.5 billion in transactions last financial year.

Tyro is the fifth-largest authorised deposit-taking institution, with 40,000 EFTPOS terminals around Australia as of June 2018.

Only the Big 4 banks had more, but significantly so.

The fourth largest, Westpac, had 138,000 terminals while Commonwealth Bank led the pack with 266,000.

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